New Delhi: After the Mirach fiasco, the troubled boss of Sahara Group, Subrata Roy has sought more time to work out a deal to raise funds in lieu of properties and get bail, three lawyer involved in the case told reporters.
Subrata Roy today requested Supreme Court to allow him to use a high-tech office space inside New Delhi's Tihar jail complex for a period of six more weeks, to negotiate with potential investors and raise the required $1.6 billion for his bail.
The court did not set a date to consider the request, according to some media reports.
Mr. Roy has the court approval to use the office space until February 20. He has been languishing in jail since March on contempt of court charges, as he failed to obey the court's order of repaying the investors in a bond scheme which was ruled to be illegal.
The court had given him approval to strike a deal with US-based Mirach Capital Group, which involved a loan by Mirach secured against some of Sahara's properties, including New York's Plaza hotel, but talks collapsed after Sahara found out that a bank letter underpinning the proposed deal was forged.
Mr Roy's lawyers told the court that Sahara was in talks with three potential investors to raise funds against its properties and so the tycoon needed to use the office space to hold video conferences, make use of computers and meet visitors.
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